Information Return in Respect of Contributions to Non-Resident Trusts, Arrangements or Entities

Who has to report?

Form T1141, Information Return in Respect of Contributions to Non-Resident Trusts, Arrangements or Entitiesmust be filed by Canadian residents who have transferred or loaned property to a non-resident trust that has a Canadian beneficiary (referred to as a "specified foreign trust" in subsection 233.2(1)).

If the transfer or loan is made by a partnership, the property is considered to have been transferred or lent by the members of the partnership. As a result, each member of the partnership must file the information return; however, the partners can choose to jointly file the return.

What has to be reported and attached?

The following information must be reported:

  • identification of the trust, that is, its settlors, trustees, and beneficiaries
  • the amount of transfers or loans to or distributions from the trust occurring after 1990, and the amount of indebtedness owed to and by the trust. For transfers and loans before 1991, report only the year of the earliest transfer or loan

The following documents must be attached:

  • trust documents (if you're filing for the first time), as well as any later changes to the documents or new documents created since the last reporting period
  • financial statements of the trust (if the trust prepares financial statements)

A non-resident trust that's considered to be resident under section 94 of the Income Tax Act for purposes of Part I is not considered resident for this reporting requirement. As a result, a transfer or loan to such trusts must be reported

Filing deadline

The information return is due on the same date as your income tax return for the tax year that includes the trust's year-end.

The reporting requirements apply to transfers and loans in trust tax years that start after 1995.

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